Dividends and the Value of the Firm: Evidence from the Australian Equity Market-Reference-Cited by-同舟云学术

Dividends and the Value of the Firm: Evidence from the Australian Equity Market

Published:1979-04 Issue:1 Volume:4 Page:13-26
ISSN:0312-8962
Container-title:Australian Journal of Management
language:en
Short-container-title:Australian Journal of Management

Author:

Ball Ray¹,Brown Philip¹,Finn Frank J.²,Officer R. R.³

Affiliation:

1. Australian Graduate School of Management, University of New South Wales.

2. Department of Commerce, University of Queensland.

3. Department of Accounting and Finance, Monash University.

Abstract

A version of the Black and Scholes dividend yield experiment is conducted, with a view to determining whether there exists a preference for dividends versus capital gains. Using data from the 1960s the experiment reveals a relatively large relationship between dividend yields and risk-adjusted share returns, in the year subsequent to the payment of the dividend yields. The observed dividend effect is too large to be explained by major hypotheses concerning market-wide preferences for or against dividends.

Publisher

SAGE Publications

Subject

General Business, Management and Accounting

Link

http://journals.sagepub.com/doi/pdf/10.1177/031289627900400102

Reference20 articles.

1. Anomalies in relationships between securities' yields and yield-surrogates

2. Asset Pricing in the Australian Industrial Equity Market

3. Capital Market Equilibrium with Restricted Borrowing

4. The Pricing of Options and Corporate Liabilities

5. The effects of dividend yield and dividend policy on common stock prices and returns

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